Which of the following beliefs is not part of supply-side economics?

1. A sharp reduction in corporate income taxes would discourage U.S. corporations from shifting their production facilities to other countries, thus leading to a decrease in the unemployment rate.

2. A sharp reduction in personal income taxes would bring forth a higher capital stock through greater saving and investment.

3. A sharp reduction in personal income taxes would bring forth higher labor-force participation.

4. A reduction in tax rates would lead to increased output and actually allow tax revenues to rise.